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Sun Pharmaceutical's profit slumps 59% on declining U.S. sales

India's biggest drug maker expects better performance in second half

Sun Pharmaceutical Industries' research and development center in Mumbai   © Reuters

MUMBAI (NewsRise) -- Sun Pharmaceutical Industries, India's biggest drug maker, reported a 59% slump in second-quarter net income as intense competition in the U.S. continued to crimp sales in its largest market.

Consolidated net profit for the quarter ended in September fell 59% to 9.12 billion rupees ($139 million) from 22.35 billion rupees a year earlier, the company said in a statement on Tuesday. However, the profit exceeded analysts' expectations of 8.27 billion rupees on back of a sharp cut in tax expenses.

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